13-95 Breakwall - Lakehouse Condo $285,000

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13-95 PLACED ON 1st Read±rig 3/~/~S: PLACED ON 2nd Reading as amended /zo/gs. ORDINANCE NO. 13-95 B¥:Boscia, Flannery, George, Gibbons, Roth, Seelie, Smith AN EMERGENCY ORDINANCE to provide for the issuance of $285,000 bonds of the City of Lakewood, Ohio for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments heretofore levied, of the cost of improving an approximately twenty (20) foot wide easement with its northern boundary located approximately twenty (20) feet north of the currently existing southerly shore of Lake Erie in an area now submerged lands but formerly a part of the lots on the northerly side of Edgewater Drive from the easterly line of property now or formerly owned by the Unit Owners of the Lake House Condominium as tenants in common, and assigned as its address 11850 Edgewater Drive, westerly approximately 330 feet to the westerly line of said property, as set forth in Resolution No. 6637-91 passed on September 16, 1991, by constructing thereon a breakwall with concrete modules, fill and end return. WHEREAS, this Council has determined it to be necessary to issue the bonds herein authorized to provide funds to retire outstanding bond anticipation notes maturing on July 8, 1995; and WHEREAS, the Fiscal Officer has certified to the maximum maturity of the bonds proposed to be issued; and WHEREAS, this Ordinance is an emergency measure which is necessary for the immediate preservation of the public peace, property, health, safety and welfare in the City and for the further reason that the immediate issuance and sale of the bonds herein authorized is necessary to obtain favorable terms of the bonds in a fluctuating bond market; NOW, THEREFORE, BE IT ORDAINED by the City of Lakewood, Cuyahoga County, Ohio: SECTION 1. It is hereby declared necessary to issue bonds (hereinafter called the "Bonds") of the City of Lakewood in the principal sum of $285,000 for the purpose of paying the property owners' portion, in anticipation of the collection of special assessments heretofore levied, of the cost of improving an approximately twenty (20) foot wide easement with its northern boundary located approximately twenty (20) feet north of the currently existing southerly shore of Lake Erie in an area now submerged lands but formerly a part of the lots on the northerly side of Edgewater Drive from the easterly line of property now or formerly owned by the Unit Owners of the Lake House Condominium as tenants in common, and assigned as its address 11850 Edgewater Drive, westerly approximately 330 feet to the westerly line of said property, as set forth in Resolution No. 6637-91 passed on September 16, 1991, by constructing thereon a breakwall with concrete modules, fill and end return. SECTION 2. The Bonds shall be issued in one lot and notes have been issued in anticipation of the Bonds. The Bonds may be issued in the denomination of $100 or any integral multiple of $100, but in no case as to a particular maturity date exceeding the principal amount maturing on that date. The Bonds shall be dated April 15, 1995. The Bonds shall bear interest at the rate or rates of interest (computed on a 360-day per year basis) as specified in a certificate of award which shall be signed by the Fiscal Officer and provide for the award of the Bonds in accordance with Section 5 of this ordinance (the ',Certificate of Award"). Interest on the Bonds shall be payable on June 1 and December 1 of each year (the